By ET Bureau - November 23, 2022 1 Mins Read
In what is likely to be one of its final earnings calls as a publicly traded company, VMware Inc. reported lower-than-expected earnings and revenue, causing its stock to slightly decline in after-hours trading.
The industry leader in virtualization software reported third-quarter earnings of USD 1.47 per share, below Wall Street’s estimate of USD 1.58 per share, before certain expenses like stock compensation. VMware is currently being acquired by chipmaker Broadcom Inc. in a record-breaking USD 61.2 billion deal that is anticipated to close within the next year, the earnings report has received less attention than usual.
Although the precise closing date for the transaction is unknown, Broadcom says it intends to complete everything during its fiscal year 2023, which started in November.
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